Episode summary
The Future of Everything: What CEOs of Circle, CrowdStrike & More See Coming in 2026
All-In Podcast
· · Hosts: David Sacks, Jason Calacanis, Chamath Palihapitiya, David Friedberg · Guests: Jeremy Allaire, George Kurtz, Adam Goldstein, Chase Lochmiller
Summary
Stablecoins were presented as a core infrastructure layer for the internet: the guest argued that Circle was built to provide “HTTP for dollars,” connecting fiat money to crypto through fully reserved, compliant digital dollars. He said the Genius Act and similar rules in Europe, Japan, the UAE, and Hong Kong give the category legal shape, and he framed Circle’s strategy as the harder but more durable path of working with regulators, auditors, and banks rather than operating offshore.
He also argued that Circle’s economics are tied to rates and network effects. Higher rates can raise reserve income, but lower rates appear to boost circulation and transaction growth; the guest said USDC has seen strong growth as rate expectations have fallen. He described banks, fintechs, and payment platforms as both competitors and partners, saying stablecoins can improve collateral transfers, cross-border payments, and eventually credit markets built in software.
The CrowdStrike segment focused on how AI changes cybersecurity offense and defense. The guest said AI compresses the attack timeline, lowers the skill threshold for adversaries, and enables prompt-only autonomous malware that can generate unique attacks without phoning home. His conclusion was that defenders now need AI too, using larger data sets and faster models to detect and counter increasingly autonomous threats.
Key takeaways
- The Circle guest said stablecoins are becoming a regulated money layer for the internet, not just a crypto product.
- He said USDC growth has been strongly linked to falling interest-rate expectations, while higher rates support reserve income.
- He said banks see stablecoins as both a threat and an opportunity, especially for payments, collateral movement, and capital markets.
- The guest argued that Circle’s moat comes from network effects, regulated market access, and integrations across platforms like Coinbase, Visa, and Stripe merchants.
- The CrowdStrike guest said AI is making cyberattacks faster, more scalable, and easier for lower-skill hackers to execute.
- He warned that prompt-only autonomous malware can create unique attacks without phoning home, which forces defenders to use AI as well.
Notable quotes
“We needed to connect kind of the existing fiat system to crypto and to these new networks and um and build like a uh what we called like an HTTP for dollars on the internet”
“we just we need a native way to have money on the internet. We need a very safe form of dollars on the internet, and that's what stable coins provide”
“if you actually look at what's happened, um, when interest rates were actually very low, uh, we saw thousand% year-over-year growth, two years straight”
“AI has had or is going to have I want to get your opinion on this a profound impact on defense and also offense”
“what we're seeing now is prompt only autonomous malware, meaning I can drop uh the prompt on your computer by a variety of means”
How the episode opens
All right, everybody. Welcome back to AllIn at Davos. We're here at the World Economic Forum. For some reason, they invited me and I'm here interviewing all the most important people in the All-In style, which is Full Contact. — I'm going.
We're always debating investment ideas on the pod. Well, generated assets on public let you turn your ideas into an investable index with AI. You just enter a prompt like companies benefiting from power plant construction.
Then their AI will build an index of curated stocks for you and back test it against the S&P 500. Then you can invest in it just like an ETF. Go to public.com and check out generated assets.
Public investing for those who take it seriously. I think most of us agree going into 2026, stable coins and AI, uh, crypto having a huge resurgence and, uh, we were lucky enough to get two of my friends, Brian Armstrong from Coinbase, and Jeremy, who's the CEO and co-founder of Circle. We've known each other for 30 years.
Yeah, it's amazing. — What a long strange trip it's been. — I know. It's great to be with you again.
Yeah. And this is not your first time at Davos. You've been here a couple times.
Yeah, I I started uh coming with my last company Breov back in 2008 2009. Um and uh very different time both for it was a different time in the world. there was great financial crisis breaking out everywhere and um uh and and that was uh you know an interesting backdrop and you know also notable I always reference that same week was when the first uh block of the Bitcoin blockchain was minted with the you know Chancellor on the brink uh bail bailout kind of embedded in the in the blockchain.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- stablecoins post-genius act
- ai cybersecurity
- evtol deployment timeline
- ai compute power buildout
- interest rate impact
Companies and tickers mentioned
- CRWD
- ACHR
- Circle
- CrowdStrike
- Archer
- Crusoe
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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